Banking World Swiss National Bank Calls for Stronger Financial Regulations Post Credit Suisse Collapse June 20, 2024 Ekemini Uba Switzerland’s financial regulations need strengthening after UBS’s takeover of Credit Suisse, according to the Swiss National Bank (SNB). The SNB emphasized the need for tougher capital and liquidity requirements to…
Commodities World Honeywell to buy aerospace and defense firm CAES Systems for $1.9 bln June 20, 2024 Ekemini Uba Honeywell has agreed to purchase aerospace and defense technology firm CAES Systems from Advent International for $1.9 billion in an all-cash deal. This acquisition, Honeywell’s second recent move to strengthen…
Business World WestJet Works to Resume Normal Operations After Union Rescinds Strike Notice June 20, 2024 Ekemini Uba WestJet Airlines is working to return to normal operations following the rescindment of a strike notice by the union representing its maintenance engineers. Both parties have agreed to return to…
Business World Guzman Y Gomez surges 37% in hottest Australian IPO in three years June 20, 2024 Ekemini Uba Guzman Y Gomez (GYG.AX), a Mexican food chain, delivered Australia’s best initial public offering (IPO) debut in three years, with shares surging over one-third on their first trading day. The…
Business Finance World Citigroup Eyes European Expansion Despite Political Instability June 20, 2024 Ekemini Uba Citigroup (C.N) is poised to expand its business in Europe despite the continent’s political volatility, which has deterred investors, according to Ignacio Gutierrez-Orrantia, the bank’s new head for the region.…
Business Commodities Local Nigeria’s Petrol Prices Surge by 223% in May June 20, 2024 Ekemini Uba Month-on-month, the price increased by 9.75%, up from N701.24 in April 2024. The report highlights that the national average retail price for petrol in May 2024 was N769.62, a significant…
Business Local Trade Okomu Oil, Presco post 94% growth in profits in Q1’2024 amid rising inflation June 20, 2024 Ekemini Uba The combined profit of Presco Plc and Okomu Oil Palm Company Plc soared by 94.32% in the first quarter of 2024 amidst economic fluctuations. The surge is attributed to inflationary…
Business Local World Bank disburses $300m palliative loans, benefitting 3 million Nigerians June 20, 2024 Ekemini Uba The World Bank has disbursed an $800 million palliative loan to assist poor and vulnerable households affected by recent government policies, such as the removal of fuel subsidies. According to…
Business Local Nigeria’s credit penetration rises to 14% June 20, 2024 Ekemini Uba During the CRC Finance and Credit Conference 2024 in Lagos, CRC Credit Bureau Limited revealed that Nigeria’s credit penetration has risen to 14%, largely due to its efforts. Despite this…
Business Local Customs one-year revenue rises by 74%, hits N4.5tn June 20, 2024 Ekemini Uba The Nigeria Customs Service (NCS) has reported a significant 74% growth in revenue collection, reaching N4.49 trillion between June 2023 and May 2024, compared to N2.58 trillion in the previous…
Business Local Aradel crude production hits 13,000bpd June 20, 2024 Ekemini Uba Aradel Holdings Plc, an indigenous energy company, has announced a remarkable increase in its crude oil and gas production during the first quarter of 2024. Crude oil production surged by…
Business Local Equity market resumes from Sallah holiday with N47bn loss June 20, 2024 Ekemini Uba Investors on the Nigerian Exchange faced losses totaling approximately N47 billion as trading resumed after the two-day Eid al-Fitr holiday. The All-Share Index and market capitalization both experienced a decline…
Business Local Federal Government’s Borrowings from World Bank Total $4.95bn in 12 Months June 20, 2024 Ekemini Uba Over the past year, the Federal Government of Nigeria has borrowed a total of $4.95 billion in loans from the World Bank, leading to a rise in the nation’s public…
Business Local SEforALL Reappoints Damilola Ogunbiyi as CEO for Second Term June 20, 2024 Ekemini Uba The Sustainable Energy for All (SEforALL) Governance Board has approved the reappointment of Ms. Damilola Ogunbiyi for a second term of five years as Chief Executive Officer. Under her leadership,…
Business Local FG, World Bank Trains 496 Youth in Web, App Development June 20, 2024 Ekemini Uba In collaboration with Information Technology (IT) firms, the World Bank and the federal government have trained 496 young Nigerians in Web and Mobile App Development, comprising 218 males and 278…
Local Trade Nigeria’s trade with UK crashes by 25% in Q1 2024 on lower exports June 19, 2024 Ekemini Uba Nigeria’s total trade with the United Kingdom declined by 25% in the first quarter of 2024, despite higher values from the naira devaluation, according to the National Bureau of Statistics…
Local Lagos State to Establish Aviation Unit, Develop Lekki Airport June 19, 2024 Ekemini Uba The Lagos State Government will create an Aviation Unit within the Ministry of Transportation to enhance oversight of the aviation sector as part of the new Lagos State Transport Policy.…
World U.S President allows legal status for 500,000 illegal immigrants married to its citizens June 19, 2024 Ekemini Uba President Biden has granted legal status and a streamlined pathway to U.S. residency and citizenship for about half a million undocumented immigrants married to American citizens. This new policy, set…
Local Lagos State aims for 52% clean energy BRT buses by 2050 June 19, 2024 Ekemini Uba The Lagos State Government has set an ambitious target to significantly reduce carbon emissions in public transportation, aiming for 52% of buses in the Bus Rapid Transit (BRT) system to…
Business Local WFP partners Nigeria, others to kickstart food assistance program, targets 7.5 million people June 19, 2024 Ekemini Uba The United Nations World Food Program (WFP) has partnered with Nigeria and other West and Central African countries to launch this year’s food assistance program for the lean season, which…
Business Local EnjoyCorp Acquires 86.5% Stake in Champion Breweries Plc June 19, 2024 Ekemini Uba The Board of Champion Breweries Plc has announced the completion of an 86.5% stake acquisition by EnjoyCorp Limited. This acquisition was achieved through the purchase of 100% shareholding in The…
Business Local Market Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore June 19, 2024 Ekemini Uba Nigeria’s Dangote Refinery is set to dispatch its first shipment of low-sulfur straight-run fuel oil (LSSR) to Singapore, marking its debut into the Asian market. According to ship tracking data…
Business Local Asian, local companies take over as western multinationals exit Nigeria June 19, 2024 Ekemini Uba As major multinationals from the US and Europe exit Nigeria, Asian and local companies are stepping in to fill the void. Recently, Diageo Plc sold its controlling stake in Guinness…
Business Local Big oil buyers’ shift to electric vehicles threatens Nigeria petrodollars June 19, 2024 Ekemini Uba The increase in electric vehicle (EV) sales in major importers of Nigerian crude oil, such as France, Spain, India, and the United States, is posing a significant threat to Nigeria’s…
Business Local Nigeria ranks 88th out of 141 countries in Logistics Performance Index June 19, 2024 Ekemini Uba Nigeria has improved its standing in the World Bank Logistics Performance Index (LPI), rising from 91st position in 2022 to 88th in 2023 out of 141 countries. The LPI serves…
Business Local NERC okays 450MW deal to avert Zungeru plant shutdown June 19, 2024 Ekemini Uba The Nigerian Electricity Regulatory Commission (NERC) has sanctioned a deal to procure 450 megawatts of electricity from the newly completed Zungeru Hydro Electricity Generation Company Limited. This move, driven by…
Business Local Court orders Arik Air to pay over $24,000 to ex-worker June 19, 2024 Ekemini Uba An Industrial Court in Lagos has mandated Arik Air to compensate a former employee, Mrs. Andreia Perdigao, with eight months’ salary arrears amounting to $21,466.64 after she was wrongfully dismissed…
Business Local FG offers 17 new oil blocks for bidding June 19, 2024 Ekemini Uba The Federal Government of Nigeria has announced the inclusion of 17 deep offshore oil blocks in the 2024 Licensing Round, expanding opportunities for investors in the nation’s oil fields. This…
Business Investing Local Modular refiners, Afreximbank begin talks over $18bn loan June 19, 2024 Ekemini Uba Investors in Nigeria’s modular refinery sector have initiated discussions with the African Export-Import Bank (Afreximbank) to access part of the $18 billion fund aimed at developing refineries across Africa. This…
Business Local Worry as NCAA acting DG tenure expires June 19, 2024 Ekemini Uba There is growing tension among staff and management of the Nigeria Civil Aviation Authority (NCAA) and the Ministry of Aviation and Aerospace Development regarding the appointment of a substantive director-general…
